Abstract
The BRICS nations viz Brazil, Russia, India, China, and South Africa have sought to establish not one but two financial institutions -- the New Development Bank and the Contingent Reserve Arrangement. Observing the apparent transition into a multipolar world, this paper seeks to discover the driving force behind the need of having parallel establishments to the Bretton Woods institutions and whether it will be able to measure up to the institutions or whether it will supersede them completely. An inference was reached by understanding the dissatisfaction faced by the BRICS nations with regards to their position in the global economic and political order. The paper draws up possible explanations for the need of having alternative financial options and the extent to which it could effect the current order.
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